Illinois Tool Works Maintains FY22 Outlook - Update

(RTTNews) - While reporting weak profit and higher revenues in the second quarter, Illinois Tool Works Inc (ITW) maintained its fiscal 2022 earnings per share guidance of $9.00 to $9.40.

On average, 22 analysts polled by Thomson Reuters expect earnings of $9.04 per share for the year. Analysts' estimates typically exclude special items.

Based on current levels of demand, the company is projecting full-year revenue growth in the range of 6 percent to 9 percent, with organic growth of 7 percent to 10 percent.

Operating margin is forecasted to be in the range of 24 to 25 percent.

E. Scott Santi, Chairman and Chief Executive Officer, said, "Looking ahead at the remainder of 2022, based on our first half results and current levels of demand, we are maintaining our current guidance for full-year 2022, including organic growth of 8.5 percent and record GAAP EPS of $9.20 at their respective mid-points."